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Small Businesses Beware - Keeping an eye on your levels of debt to the ATO

20th November, 2020

A recent report highlighted that unpaid ATO debt is soaring and that if companies want to avail themselves of the Safe Harbour and Small Business Restructuring provisions, they need to keep their tax arrangements with the ATO in order (i.e. payment plans in place and Super being paid). The ATO’s book debt has grown to $45 billion and $15 billion of the total debt is due from small business.

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Small business restructuring is coming and it's good news for small business

9th October, 2020

Small business restructuring is coming and it's good news for small business. This week Treasury released draft legislation for public comment that describes a small business restructuring procedure. The draft legislation can be found at https://treasury.gov.au/consultation/c2020-118203 If passed by Parliament, the restructuring procedure will come into force on 1 January 2021. The intent of the legislation is to allow directors to remain in control of their company’s business whilst they put a deal to unsecured creditors to compromise company debts to enable a return to solvency.

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Extension of insolvent trading laws to 31 December 2020 – Use the time wisely

10th September, 2020

The Government has given Australian businesses an opportunity to prepare themselves for the “new normal” of business conditions when the COVID restrictions ease. That opportunity is through the extension of the time for compliance with a creditor’s statutory demand notice and the effective suspension of the duty of company directors to prevent insolvent trading.

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